University of Virginia Library

REPORT ON ATHLETIC FINANCES

The President presented a detailed report on the current financial status of the Department of
Athletics. The present outlook, he stated, was that there would be a deficit in the estimated
amount of $42,500 at the close of the fiscal year ending on 30 June 1963. While every effort was
being made to reduce the budget deficit, the President reported that it would be necessary to seek
authority from the Board for a loan from local funds of approximately $42,500 in order to cover the
deficit anticipated. He further reported that the deficit would be retired over a period of time
from the increase in the student athletic fee which the Board had previously approved effective on
1 September 1962 (Minutes, Board of Visitors, University of Virginia, No. 12, 1 June 1962, p. 336)

Accordingly, the President proposed and the Board adopted the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that
the President be and he is hereby authorized to obtain a loan of approximately $42,500 from local
funds in order to finance the estimated deficit of the Department of Athletics for the fiscal year
ending 30 June 1963, and that this is to be repaid from the revenue derived from the increase in the
student athletic fee which became effective on 1 September 1962